The Warner sun. (Warner, Brown Co., Dakota [S.D.]) 1885-1???, 1887-12-16

| SSg ~ 49, $50 N@N@
1 gGncv, without waste or extravaganza,
such money to it's place among the people.
Ii such an emergency arises there now eG~
lists no clear and u"ndOubted executive power
of relief. Heretofore the redemption of 8
per cent bonds, which were payable at tEo
option OF the government, has afforded q
means for the disbursement OF the excess of
our revenues; but these bonds have all been
retired, aud there are no bonds outstanding
| the DGyment Of which we have the right to
insist upon. The contribution to the sinking
fund which furnishes the occasion for eX-
peRditure in the purchase of bonds has
already been made for the current year, so
that there is no outlet In that direction. In
the present gtate Of legislation the only pre-
tense of any existing legislative power to
restore, at this time, any part of our surplus
revenues to the people by its expenditure
consists in the supposition that the secretary
or TIE treasury may enter the market anu
| purchase the bonds OF the government not
yet due at q rate of premium TO be agreed
upon. The only provision of law from which
such a power could be derived is found in an
appropriation bill passed a number of years
ago; and It Is subject to the suspicion
that it was intended as temporary and
limited in it's application, instead of con-
~ferTing a continued discretion and author
ity. No condition ought to exist which
would justify the grant of power to a single
official, upon his Judgment Of its necessity,
To Withhold from or release to the business
of the people,, in an unusual tanner, money
held in the treasury, and thus affect, at his
VIII the financial situation of the country;
and If IL is deemed wise to lodge in the sec
rotary of the treasury the authority in the
present i~uncture to purchase bonds, it
should be plainly vested ami provided as far
as possible with suCh checks and limitations
as will define this officials right and disCre-
ton, and at the same time relieve HIM from
d responsibility. In considering the
question of purchasing bonds as a means of
restoring TO circulation the surplus money
accumulating in the treasury, it should be
borne in mind that premiums must of course
be paid upon sUG& purchase, that there may
be q large partO OF these bonds held as invest
ments which cannot be purchased at any
price, and that combinations among holders
who are willing to sell, may u~nreasonably
enhance the cost of such bonds to the gov
eminent 1t mas been suggested hat
THE PRESENT BONDED DEBT
might be refunded at a less rate of interest
and the difference between the old and new
security PAID in cash, thus finding use for
the surplus in the treasury. The success of
this plan, IL is apparent, must depend upon
the Volition of the holders of the present
bonds; and it is not entirely certain that the
indUcement which must be offered them
you'd result in mere financial benefit to the
government than the purchase of bonds,
while the latter proposition would reduce
the principal of the debt by actual payment
instead Of extending it The proposition to
deposit the money held by the government
in banks throughout the country for use by
the people is, it seems to me, exceedingly
Objectionable in principle, as establishing
TOO close a relationship between the opera
tons of the government treasury and The
business of tine country, and too extensive a
cOmmingling of their money, thus fostering
an unnatural reliance IN private business
upO public funds Ii this scheme shout
be adopted it should only be done as q tenn
porary expedient TO meet az urgent neces-
slty. Legislative and executive effort should
generally be in the opposite direction and
should have a tendency to divorce, as much
and as fast as can safely be done, the treas
ury department from private enterprise.
or course it is not expected that unnecessary
and extravaganza appropriations will be made
for the purpose of avoiding the accumulation
OF an excess of revenue Such expenditure,
beside the Decentralization of ali Just con-
ceptions of public duty which iG entails,
stimulates a habit of reckless improvidence
not in the least consistent the mission of
our people or the high and benehcenG pur-
poses of our government / have deemed it
my duty to thus bring to the knowledge of
my cOuntrymen, as we'll as to the attention
OF their representatives charged with the re-
Fponsibiiaes of Legislative relief, the gravity
OF our financial situation. The failure of con-
gress heretofore to provide against the dam
gers which 1t was quite evident the very ma
Jure OF the difficulty must necessarily pro
duce, caused a condition Of hnancia distress
and apprehension since your last adjourn
meEt which taxed to the utmost all the au-
thurity and expedients within executive con-
troll; and these appear now TO be exhausted
n disasUer results from Une continued mac
ton OF congress, the responsibility must rest
where it belongs Though the situation TINS
far considered'l Is fraught with danger which
should be fully realized, and though il pre-
SCENTS features Of wrong to the people az well
as
PERIL TO TIE
1t is but a result growing out Of a per-
fectly palpable and apparent cause, con-
stantly reproducing the same alarming cir
cuinstances-a congested national treasury
and afdepleUed monetary condition In the
business of the country. tt need hardly be
stated that while the present situation de-
mands q remedy, we can only DO saved from
q like pr~edicament In the future BY the re-
movai OF 1s cause Our scheme Of taxation,
by means or which This needless surplus is |
taken from the people and put into the pub
lie treasury, consists of q tariff or duty levied
upon importations from abroad and Internal
revenne X levied upon the consumption
81 tobacco and spiTituous and malt liquors
10 must be conceded that none Of the things
subjected 10 internal revenue taxation are,
strictly speaking, necessary. There appears
to be no just complaint Of this taxation by
the consumers OF these articles, and there
seems to be nothing so we'll ahle to bear the
burden without hardship 60 any portion OF
the people. But our present tariff laws, the
vicious, ineqnitable, and Illogical source of
unnecessary taxation. ought to be at ons2
revised and amended These laws. as tEefr
primary and plain effect, rsles the price to
consumers OF all articles imported and sub
lect g duty. By precisely the sum paid Tor
such duties Thus the amount OF the duty |
measures the tax paid BY those who purchase
for Use these Imported articles Many 81
these Things, however, areraised Or manu-
featured in our country and the duties now
levied uD0n foreion goods and uroducts are